From inner-city apartments to suburban cottages or a few acres in the rainforest, the answer depends on where youre buying

With talk of the Sydney and Melbourne housing markets racing away from prices in other cities and regions, we decided to ask: what can you buy in Australia for a cool million dollars?

From inner-city apartments to suburban cottages or a few acres in the rainforest, the answer depends on where youre buying.

Housing affordability is set to be a big issue in the coming budget and one of the Turnbull governments main arguments against making changes to negative gearing is that it doesnt want to slam the brakes on housing markets nationwide when only Sydney and Melbourne are overheating.

For under $1m you can live in the Central Park redevelopment, built on what used to be a brewery, in the heart of Sydney. Its got 67sqm of indoor/outdoor living space, including one bedroom and a study space. The level-seven apartment has district views and a rooftop garden for the residents to enjoy. Strategically located to amenities including Central Station, Sydney University and the University of Technology Sydney.

For just north of $1m ($1.045m), you could buy a four-bedroom house in Tatton, in Wagga Wagga. It is an expansive family home … impressive in its grand scale, with four bathrooms and four car spaces enough for every occupant to drive home at the same time and use a separate toilet. Oh the luxury. The ad boasts the propertys prestigious location, offering panoramic views over Kooringal and Lake Albert, its architectural design, light space and in-ground swimming pool.

Less than an hour from Cairns, it will cost less than $1m to find a private sanctuary of 4.76 acres at the edge of world heritage rainforest and a pristine, spring-fed lake. The four-bedroom semi-rural home is also near the Douglas walking track to the Barron Falls. The home includes wide, cool verandahs and a commercial-grade pizza oven. A separate dwelling is advertised as a potential studio.